Botswana’s President, Duma Boko, has announced that beneficiaries of the Chema-Chema loan programme will no longer need to repay their loans. The government has officially converted the loans into grants.
Chema-Chema was introduced to help small businesses, informal traders, and young entrepreneurs who struggle to get financial support from banks. Previously, the programme offered short-term loans with a one-time 2.4% interest rate, repayable within 12 months. Businesses could borrow between P15,000 (around N$21,000) and P50,000 (around N$70,000).
The announcement was made on the Botswana Presidency’s official social media account, confirming that P200 million (around N$260 million) has already been distributed through the programme. Those who had started repaying their loans will also receive refunds.
President Boko shared this update during a press conference at the Mass Media Complex in Gaborone. He also spoke about the government’s broader plans to support economic empowerment.
